Financial Crime World

Title: Transparency International Report Reveals Concerns over Money Laundering and Organized Crime in Armenia

Overview

March 2023, Yerevan, Armenia - The Transparency International financial crime report for Armenia, which aims to enhance compliance with international anti-money laundering (AML) standards and combat organized crime, was recently unveiled. The initiative is funded to the extent of AMD 11,267,908 by the Transparency International Secretariat.

Key Aspects of the Initiative

The project focuses on the following three key areas:

  1. Enhanced Knowledge: Improving understanding among Armenian authorities regarding their compliance obligations.
  2. Empowered Civil Society and Media: Boosting the capacity of civil society organizations (CSOs) and investigative journalists to scrutinize illicit money flows and sanction evasion.
  3. Enhanced Transparency: Increasing the volume of public information on potential money laundering activities in and through Armenia.

Project Results

The project’s activities have already revealed significant findings, with investigative journalists uncovering various concerning cases:

  1. Taron Margaryan’s Property The acquisition of noted businessman Taron Margaryan was investigated, raising concerns over potential money laundering activities in Armenia.
  2. Cut-down Yerevan: Three Parks This investigation shed light on the privatization of parks in Yerevan, questioning fair business practices and potential AML violations.
  3. The Unknown Construction Developer of Firdus District The identity of an unregistered construction developer in Firdus district was revealed, uncovering possible irregularities and potential links to money laundering.
  4. Nork Forests An investigation into suspected illegal logging and timber trafficking in Nork forests highlighted another potential area of AML risk.

Seminar on Illicit Funds

As part of the initiative, a seminar on illicit funds was held in Yerevan on March 23-24. Experts, law enforcement officials, and journalists came together to discuss key issues and explore potential solutions to strengthen collective efforts against money laundering and organized crime in Armenia.

Ongoing Project

The project remains ongoing, with further investigations, seminars, and information dissemination efforts set to continue in the coming months.